According to the CBO's recent estimates of President Obama’s current budget proposal, debt held by the public relative to the size of the economy is heading toward heights last seen at the end of the WW II. As we all know the CBO can only use the numbers given it and we all know how reliable this administrations figures have been. The CBO is not allowed to question these figures and this has always led them to underestimate. Former CBO director Douglas Holtz-Eakin said it best when he descibed the process as “... fantasy in, fantasy out.” Now the CBO's figures are frightening enough since the debt after WW II were the countries largest ever. The fact that these are watered down figures should scare the hell out of all Americans.
The two videos below show the truth about debt and spending.
Wednesday, April 21, 2010
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